Our client, a large RCM and Tech company, with a nationwide customer base across multiple specialties, brought in Quintessence as its RCM outsourcing partner.When they were reading a bid for a large opportunity, we stepped in to work with the client in the background. We helped fill out the bid documents, pre-sales capability presentations, case studies, financial case and value proposition.
Quintessence and our client set about as a team, recreating the workflows, documentation, billing edits from the last 3 years financial data and payer contracts.To cushion the impact of the switch, we agreed to set up transition guarantees for the first 6 months; and performance guarantees over the next 24 months.
|FY 2017||FY 2018||FY 2019|
|Mar to Aug||Mar to Aug||Mar to Aug|
|Charges||$ 109,547,400||$ 126,527, 247||$ 130,196,537|
|Charges adj for Fee Sch revision||$ 109,547,400||$ 120,502,140||$ 118,092,097|
|Collections – Insurance||$ 26,181,829||$ 26,400,922||$ 28,329,349|
|Collections – Patient||$ 3,141,819||$ 4,224,148||$ 4,249402|
|AR > 90 Days||$ 29,323,648||$ 39,865,393||$ 34,278,513|
|Total Receipts||$ 29,323,648||$ 30,625,070||$ 32,578,752|
|GCP %||$ 26.768%||$ 25.415%||$ 27.588%|
|First Pass %||$ 91.80%||$ 91.57%||$ 92.81%|
|Reimbursement per procedure||$ 109.09||$ 108.65||$ 110.23|
Not only was the transition guarantees met, the partners shone with a far better performance. And we are set to meet the financial targets of FY 2020. Quintessence has also taken up physician documentation improvement assignments in a bid to further strengthen compliance and look for possible opportunities to optimize reimbursement.